Allspring Global Investments Holdings LLC Buys 1,776 Shares of Ares Capital Corporation (NASDAQ:ARCC)

Allspring Global Investments Holdings LLC increased its stake in shares of Ares Capital Corporation (NASDAQ:ARCC) by 0.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 241,119 shares of the investment management company’s stock after acquiring an additional 1,776 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Ares Capital were worth $5,343,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of ARCC. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ares Capital by 18.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 47,840 shares of the investment management company’s stock worth $1,058,000 after purchasing an additional 7,381 shares during the last quarter. Jaffetilchin Investment Partners LLC grew its stake in shares of Ares Capital by 18.5% in the first quarter. Jaffetilchin Investment Partners LLC now owns 106,198 shares of the investment management company’s stock valued at $2,353,000 after buying an additional 16,599 shares in the last quarter. PDS Planning Inc increased its holdings in Ares Capital by 23.4% during the first quarter. PDS Planning Inc now owns 16,166 shares of the investment management company’s stock worth $358,000 after buying an additional 3,063 shares during the last quarter. SFG Wealth Management LLC. acquired a new position in Ares Capital during the first quarter worth $734,000. Finally, Western Financial Corp CA raised its position in Ares Capital by 2.2% during the first quarter. Western Financial Corp CA now owns 26,961 shares of the investment management company’s stock worth $597,000 after acquiring an additional 574 shares in the last quarter. Institutional investors own 27.38% of the company’s stock.

Ares Capital Stock Performance

Shares of NASDAQ:ARCC opened at $22.38 on Friday. Ares Capital Corporation has a 12-month low of $18.26 and a 12-month high of $23.84. The company’s 50 day moving average price is $21.64 and its two-hundred day moving average price is $21.93. The firm has a market cap of $15.54 billion, a PE ratio of 10.92 and a beta of 0.67. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.02.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings results on Tuesday, April 29th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.04). Ares Capital had a net margin of 43.50% and a return on equity of 11.05%. The company had revenue of $599.00 million during the quarter, compared to the consensus estimate of $769.32 million. During the same quarter last year, the firm posted $0.59 earnings per share. The company’s quarterly revenue was up 4.4% on a year-over-year basis. Equities research analysts predict that Ares Capital Corporation will post 2.19 earnings per share for the current year.

Ares Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 8.58%. The ex-dividend date was Friday, June 13th. Ares Capital’s dividend payout ratio (DPR) is currently 93.66%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Ares Capital from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, April 8th. UBS Group reduced their price target on Ares Capital from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, April 17th. Royal Bank Of Canada dropped their price objective on Ares Capital from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 6th. JPMorgan Chase & Co. cut their price objective on Ares Capital from $24.50 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Finally, Wells Fargo & Company lifted their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ares Capital presently has an average rating of “Moderate Buy” and an average target price of $22.00.

Ares Capital Company Profile

Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors.